PANews reported on May 9th that, according to The Block, on-chain analytics firm CryptoQuant stated that Bitcoin has risen over 20% since early April to a three-month high, but research director Julio Moreno still views it as a "bear market rally." He pointed out that Bitcoin holders had already realized a daily profit of 14,600 Bitcoins on May 4th, the highest level since December 10, 2025, and the short-term holder payout-to-profit ratio has remained above 1.00 since mid-April, indicating that the market has entered a "clear profit-taking zone."

Moreno stated that its 30-day rolling net profit has reached +20,000 Bitcoins, marking the first positive return since December 22, 2025, signifying a structural inflection point in the bear market dynamics. However, this level is far below the typical 130,000 to 200,000 Bitcoin range during bull market confirmation periods. The current unrealized profit margin is 18%, and historical experience suggests that high levels of unrealized profits increase the risk of a pullback. However, continued strong demand for perpetual futures, moderate contraction in spot demand, and low exchange inflows indicate that a pullback may take some time to materialize.